News / National
Mukuru suspends rand disbursements
25 Apr 2017 at 06:58hrs | Views
Remittance cash transferring company Mukuru has temporarily stopped South African rand disbursements in Zimbabwe on the back of rand shortages in the country.
They said they would continue conducting transfers from SA and it will be issuing United Sates Dollars only as Zimbabwe's cash shortages continue ragging.
Meanwhile, the Reserve Bank of Zimbabwe (RBZ) expects to clear the backlog of foreign payments by year-end amid revelations that 80% of the unsettled transactions cover products at the top of the import priority list.
RBZ deputy governor, Kupukile Mlambo said although the apex bank has set up a nostro stabilization fund, it was not enough to clear the backlog of a country hamstrung by a huge trade deficit. In May last year, RBZ came up with a four-tier import priority list for the efficient use of foreign exchange resource.
Imports of critical and strategic goods such as basic foodstuffs and fuel, health and agrochemicals, granted these goods are not available locally, were among goods listed at the top of the list.
More to follow...
They said they would continue conducting transfers from SA and it will be issuing United Sates Dollars only as Zimbabwe's cash shortages continue ragging.
Meanwhile, the Reserve Bank of Zimbabwe (RBZ) expects to clear the backlog of foreign payments by year-end amid revelations that 80% of the unsettled transactions cover products at the top of the import priority list.
RBZ deputy governor, Kupukile Mlambo said although the apex bank has set up a nostro stabilization fund, it was not enough to clear the backlog of a country hamstrung by a huge trade deficit. In May last year, RBZ came up with a four-tier import priority list for the efficient use of foreign exchange resource.
Imports of critical and strategic goods such as basic foodstuffs and fuel, health and agrochemicals, granted these goods are not available locally, were among goods listed at the top of the list.
More to follow...
Source - dailynews
